BNB Renewed Decline After Breaking Below Critical Support At 220

Cryptocurrency analysts of Coinidol.com report, the price of BNB fell drastically below the support level of $236 and reached a low of $215.30.

BNB price long term forecast: bearish

According to the price indicator, the cryptocurrency asset has fallen below the current support level of $220 and may fall further.

BNB completed a downward correction to the upside on June 12 and a candlestick tested the 78.6% Fibonacci retracement line. The correction predicts that BNB will decline but reverse at the Fibonacci extension level of 1.272 or $196.70. Bearish momentum has reached a low of $215 at the time of writing. The bearish momentum is expected to weaken as the market approaches the oversold area.

BNB indicator display

BNB has dropped drastically to the Relative Strength Index (RSI) of 22 for the 14 period. The RSI shows that the market has reached the oversold area. The cryptocurrency is in a downtrend as the price bars are below the moving average lines. Meanwhile, the altcoin is trading below the daily stochastic threshold of 20, indicating that BNB is in the oversold zone of the market. The bearish momentum is expected to weaken.

Technical Indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

BNB is in a downtrend after two months within a trading range. The cryptocurrency is facing increased selling pressure after breaking $220 support. The current decline is expected to continue until the price reaches the low of $196.70. After that, the cryptocurrency price will rise above the current support level.

As we reported on August 11, the doji candlesticks are currently consolidating above the current support level. At the time of writing, BNB is trading at $240.50. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/bnb-renewed-decline/